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  • FIRST POST
    Lindseyf584
    Diary of a compulsive spender
    • #1
    • 30th Jan 09, 2:45 PM
    Diary of a compulsive spender 30th Jan 09 at 2:45 PM
    Ok, finally got around to working out how much I owe today...

    £62,000 approx. not including mortgage.

    Now I know I need to face facts and get on with paying this off so I am doing this as a bit of a motivator to myself so I can keep track of what I am spending and try to figure out the quickest and easiest route to becoming debt free (I know it wont be easy at all!)

    My aim is to be debt free by the time I am 30 so 2 years 10 months and counting...

    I am finishing my current contract on 6th Feb so soon my income is going to be zero and therefore in order to meet my targets I need to find a new contract pretty quick!

    I am obviously not facing up to things yet as I spent £25 yesterday in my lunch break on items which although could have been classed as essentials from Boots I could have purchased own brands for less than half the price.

    I have also managed to spend about £9.00 already today as well.

    I am working on seeing which of the mini challenges I can do in order to come up with some money between jobs to keep us going.

    So far I have to say I can't believe how friendly and helpful everybody here is and it is a great support network to have as my family are fantastic but it is great to get an objective and experienced take on things so thanks to all for your help so far.

    Although I really want to pay off my debts I am beginning with finding ways to save money and make money in order to survive my current crisis without adding to my debt and ensuring I can keep up to date with all of my repayments.

    Probably enough rambling for a beginner so thanks to anyone for reading and hopefully I can motivate myself into some positive moves...


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    Last edited by MSE Deborah; 03-02-2009 at 7:20 PM.
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
Page 1
    • natsplatnat
    • By natsplatnat 30th Jan 09, 2:50 PM
    • 2,878 Posts
    • 2,617 Thanks
    natsplatnat
    • #2
    • 30th Jan 09, 2:50 PM
    • #2
    • 30th Jan 09, 2:50 PM
    Hi Lindsey! And welcome!

    Could you post your SOA (theres a link at the top of some clever person will post it shortly!) so people can have a look and maybe make suggestions on free-ing up some cash?
    Don't forget the interest rates on your cards!

    I'll be back later, but well done again for realising you need and want to do something!!!
    LBM ,- Wed 19th Nov 2008 £21,225 PAID OFF
    *DEBT FREE 28th September 2015*


  • Starlett
    • #3
    • 30th Jan 09, 2:53 PM
    • #3
    • 30th Jan 09, 2:53 PM
    Here's the link: http://www.makesenseofcards.com/soacalc.html


    Oh.... hello and welcome!!
    LBM April Fools day 2008 - £20,345 debt!!!
    Current Debt NOTHING!! - DFD - June 2009 - I'm emigrating!! I've emigrated!!
    Official DFW Nerd Club - Member no. 949!
  • Lindseyf584
    • #4
    • 30th Jan 09, 3:05 PM
    • #4
    • 30th Jan 09, 3:05 PM
    Thanks natsplatnat.

    Not sure I can get into SOA bit from work but this is general idea of monthly expenditure:

    Current Account Fee.....£14.00
    TV Licence..................£11.95
    Childcare.....................£1,150.00
    House C&B Insurance.....£14.00
    O/D Charges.................£38.00
    Currys.........................£7.99
    Currys.........................£2.99
    Currys.........................£2.49
    Currys.........................£6.99
    Solicitors.....................£150.00
    Loan 1........................£297.21 (fixed for 25 years)
    Loan 2........................£221.43
    BT..............................£10.00
    Gas.............................£39.00
    Electric........................£31.00
    Mortgage.....................£639.40
    Council Tax..................£110.00
    Gym Membership...........£37.75 (tied in to Dec 09)
    Capital One..................£50.00 (£923.95 remaining)
    Vanquis.......................£52.00 (£1107.58 remaining)
    Sky.............................£68.41 (will be reducing package ASAP)
    Water..........................£36.48 (not on meter and can't change)
    Mobile Phone.................£75.00 (2 phones)
    Life Insurance................£34.72
    Fuel.............................£260.00 (this will reduce when finish work)
    Food............................£no idea, buy things almost every day!
    Clothes.........................£also no idea but don't need anything so will stop
    Smoking........................£180.00 (Should give up but haven't so including)

    Generally I just spend whatever money I have on whatever I fancy that day, to give an idea I cleared both credit cards in November 08 and they are both now maxed again so basically just have no control on spending.

    Piece of advice to myself - STOP SPENDING SO MUCH MONEY!
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
  • Lindseyf584
    • #5
    • 30th Jan 09, 3:07 PM
    • #5
    • 30th Jan 09, 3:07 PM
    Forgot to say I have no idea what the interest rates are on anything but I will go through the paperwork and check.

    Also missed one Loan 3........£269.74
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    • Welshlassie
    • By Welshlassie 30th Jan 09, 3:24 PM
    • 1,719 Posts
    • 2,996 Thanks
    Welshlassie
    • #6
    • 30th Jan 09, 3:24 PM
    • #6
    • 30th Jan 09, 3:24 PM
    Thanks natsplatnat.

    Not sure I can get into SOA bit from work but this is general idea of monthly expenditure:

    Current Account Fee.....£14.00
    TV Licence..................£11.95
    Childcare.....................£1,150.00
    House C&B Insurance.....£14.00
    O/D Charges.................£38.00
    Currys.........................£7.99 what are these for, if they are insurance cancel them
    Currys.........................£2.99
    Currys.........................£2.49
    Currys.........................£6.99
    Solicitors.....................£150.00
    Loan 1........................£297.21 (fixed for 25 years)
    Loan 2........................£221.43
    BT..............................£10.00
    Gas.............................£39.00
    Electric........................£31.00
    Mortgage.....................£639.40
    Council Tax..................£110.00 over 10 or 12 months, if 10 you have 2 free months coming up, use the money sensibly and then consider changing to 12 months in April to help spread the cost
    Gym Membership...........£37.75 (tied in to Dec 09)
    Capital One..................£50.00 (£923.95 remaining)
    Vanquis.......................£52.00 (£1107.58 remaining)
    Sky.............................£68.41 (will be reducing package ASAP)
    Water..........................£36.48 (not on meter and can't change)
    Mobile Phone.................£75.00 (2 phones) why do you need 2 phones, reduce or cancela nd go PAYG
    Life Insurance................£34.72 Is this the best package out there, compare and swicth, using a cashback site.
    Fuel.............................£260.00 (this will reduce when finish work) Change the way you drive to maximum the number of miles you get to what you spend.
    Food............................£no idea, buy things almost every day! Meal plan, 2-4 weeks in advance this will help you plan what you need then order it from the internet and only get milk, bread and fresh fruit and veg
    Clothes.........................£also no idea but don't need anything so will stop
    Smoking........................£180.00 (Should give up but haven't so including) Quit, go see you GP they can help, check out the NHS Quitline, you can quit you just have to want to.

    Generally I just spend whatever money I have on whatever I fancy that day, to give an idea I cleared both credit cards in November 08 and they are both now maxed again so basically just have no control on spending.

    Piece of advice to myself - STOP SPENDING SO MUCH MONEY!
    Originally posted by Lindseyf584
    What about things like, car insurance, holidays, haircuts, birthdays and gifts. These should all be accounted for and saved so youhave the money when you need it and therefore as less inclined to add them to credit cards.

    Well done on facing up to things, you have to identify why you are in debt and really want to change otherwise you will end up in the same position in the future.

    What can you sell to help you in the short term to fund things?? Get it on Ebay and the like.
    • Idiophreak
    • By Idiophreak 30th Jan 09, 3:27 PM
    • 11,636 Posts
    • 15,175 Thanks
    Idiophreak
    • #7
    • 30th Jan 09, 3:27 PM
    • #7
    • 30th Jan 09, 3:27 PM
    Is that just your spending, or household spending?

    And what's your income like? Do you have anything left over each month based on the above?
    • Pollycat
    • By Pollycat 30th Jan 09, 3:27 PM
    • 20,979 Posts
    • 56,557 Thanks
    Pollycat
    • #8
    • 30th Jan 09, 3:27 PM
    • #8
    • 30th Jan 09, 3:27 PM
    Hi Lindsey

    You most definitely need a spending diary.

    Write down EVERYTHING you spend in it.
    I did this as I found that the £20 note in my purse somehow vanished with nothing to show for it.

    Magazines, newspapers, greetings cards, stamps, cafe latte and danish and so on.

    Don't you do a weekly or monthly shop?
    Hop over to the OldStyle board - lots of tips on menu planning, using up leftovers etc.

    I think you really need to take your own advice
    Piece of advice to myself - STOP SPENDING SO MUCH MONEY!
    You've made the first step.
  • Lindseyf584
    • #9
    • 30th Jan 09, 3:32 PM
    • #9
    • 30th Jan 09, 3:32 PM
    Hi Welshlassie,

    Thanks for the tips, I will do a full SOA tonight hopefully when I get home.

    The Curry's things are insurances for laptop, dishwasher etc. so I will have a look at cancelling, I think I can just do it without giving notice.

    Council Tax is over 11 months so money saved is going towards bills as things stand I will have enough money until the end of March by which time I hope to have found another job.

    2 Phones - one is DH phone and they are on contract til the summer so can't cancel just yet.

    Life insurance is the best deal I can get, I had a FA shop around for me but a lot of bad health history in family which is why it is that high.

    I think the fuel cost is difficult to reduce as I currently drive 112 miles a day to work and back.

    I definitely take on board your comments on food, I did start planning things last week and I have got a house full of food so the plan is to only buy bread and milk until everything is used as most of it is either frozen or long life so could use for ages.

    I made £54 on Amazon this week and have got lots of things to add to ebay this weekend so hopefully that will bring in some more pennies.

    Thank you very much for your suggestions
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    • lilian1977
    • By lilian1977 30th Jan 09, 3:32 PM
    • 4,656 Posts
    • 18,375 Thanks
    lilian1977
    Hi

    A few things on your basic SOA - What is your current account fee actually giving you? Or is that overdraft interest?

    I have both Capital One and Vanquis cards and I only have these because I have bad credit. Is this the same with you? If so then you NEED to get sorted out rather than further into trouble.

    Definitely give up smoking - apart from being healthier it will give you an impetus to not spend money, it's easy to justify "well I've bought cigarettes so today won't be a No Spend Day" and continue spending!

    Glad you've had your LBM - now let's see what you can do!


    My debt free diary
    [/SIZE][/FONT]
    • natsplatnat
    • By natsplatnat 30th Jan 09, 3:33 PM
    • 2,878 Posts
    • 2,617 Thanks
    natsplatnat
    Now I am NO expert - look at my sig, but here's my thoughts......


    Thanks natsplatnat.

    Not sure I can get into SOA bit from work but this is general idea of monthly expenditure:
    Total monthly income (currently)....?

    Current Account Fee.....£14.00
    TV Licence..................£11.95
    Childcare.....................£1,150.00 do you get all vouchers etc you are entitled to?
    House C&B Insurance.....£14.00
    O/D Charges.................£38.00
    Currys.........................£7.99
    Currys.........................£2.99
    Currys.........................£2.49
    Currys.........................£6.99
    Solicitors.....................£150.00
    Loan 1........................£297.21 (fixed for 25 years)
    Loan 2........................£221.43
    BT..............................£10.00
    Gas.............................£39.00
    Electric........................£31.00
    Mortgage.....................£639.40
    Council Tax..................£110.00 paid over 10 or 12 months?
    Gym Membership...........£37.75 (tied in to Dec 09)
    Capital One..................£50.00 (£923.95 remaining) APR just gone up?
    Vanquis.......................£52.00 (£1107.58 remaining) highest APR I would guess
    Sky.............................£68.41 (will be reducing package ASAP) Good - freeview? Or look at PlayTV if you have a PS3 (gives you the pause,rewind, record like sky+) One off cost of about £45
    Water..........................£36.48 (not on meter and can't change)
    Mobile Phone.................£75.00 (2 phones) can you reduce tarrif?
    Life Insurance................£34.72
    Fuel.............................£260.00 (this will reduce when finish work)
    Food............................£no idea, buy things almost every day!
    Clothes.........................£also no idea but don't need anything so will stop
    Smoking........................£180.00 (Should give up but haven't so including)

    Generally I just spend whatever money I have on whatever I fancy that day, to give an idea I cleared both credit cards in November 08 and they are both now maxed again so basically just have no control on spending.

    Piece of advice to myself - STOP SPENDING SO MUCH MONEY!
    Originally posted by Lindseyf584
    It will be easier for people to comment and make suggestions when you have your full SOA. But, I would look at keeping a spending diary and writing down EVERYTHING you buy and how much it has cost you.
    To help curb your spending you could try using the demotivator tool on here (again I'm sure someone will post the link - I can never find the bloomin' things!) to show you what you could have done with the money that you have used to buy a luxury coffee with.

    Also, do you deal in "real cash" or is it all on the fantastic plastic?

    There is a thought process you can use of 'do I want it? do I need it? can I afford it (or something like that) which just causes you to pause long enough to think more rationally about what you are about to buy. I know some people on here keep a list of things they want and then revisit the list and cross off the things that they no longer want. It's amazing how much this could stop you buying!

    I look forward to seeing a full SOA and I hope plenty of other people will pass
    by and offer more advice then me. I've not been doing this long myself, but I am pleased at the difference it has made to my bank balance!!

    Nats
    LBM ,- Wed 19th Nov 2008 £21,225 PAID OFF
    *DEBT FREE 28th September 2015*


  • Lindseyf584
    Hi

    A few things on your basic SOA - What is your current account fee actually giving you? Or is that overdraft interest?

    I have both Capital One and Vanquis cards and I only have these because I have bad credit. Is this the same with you? If so then you NEED to get sorted out rather than further into trouble.

    Definitely give up smoking - apart from being healthier it will give you an impetus to not spend money, it's easy to justify "well I've bought cigarettes so today won't be a No Spend Day" and continue spending!

    Glad you've had your LBM - now let's see what you can do!
    Originally posted by lilian1977
    Current account fee gives breakdown cover, phone insurance etc etc - i took it cos it was cheaper than the AA cover I had.

    I have a poor credit history as things were really bad when I got divorced as my ex took everything we had but left me the debts (he didn't work so everything was in my sole name) this was about 4 years ago and I paid off thousands then and have gradually gotten back into debt after buying my house.

    Working on smoking issue but need some time and OH to agree...
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    • lilian1977
    • By lilian1977 30th Jan 09, 3:43 PM
    • 4,656 Posts
    • 18,375 Thanks
    lilian1977
    In that case keeping up the payments on those cards is really important as they'll help rebuild your credit rating.

    What do you mean about getting the OH to agree about the smoking issue? xx


    My debt free diary
    [/SIZE][/FONT]
  • Lindseyf584
    I usually spend cash as the credit cards are always maxed (when i say cash i mean debit cards) I think it has been so long that things have just been creeping up but i was thinking it was ok as not missing payments.

    Current salary varies as I am self employed and work on different rates usually try to earn the upper limit before tax (pay myself from my own company) + CHB + £800 from OH + weekly expenses which I can pay myself.

    Obviously unless the company is earning I can't pay myself anything.
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    • natsplatnat
    • By natsplatnat 30th Jan 09, 3:47 PM
    • 2,878 Posts
    • 2,617 Thanks
    natsplatnat

    Working on smoking issue but need some time and OH to agree...
    Originally posted by Lindseyf584
    I have managed to reduce my cigarette consumption from 140 a week (20 a day!) to 60 a week. All I have done is give myself £15 a week to buy cigarettes with, buy 3 packs (x20) on a Friday when I do my food shopping and they have to last me the week. If I run out on a Wednesday (like I did this week ) I don't have any (although OH does smoke rollies - I will have a couple but really don't like them!!) and thats that. My own stupid fault for not budgeting!!!

    Just a thought!

    Nats x
    LBM ,- Wed 19th Nov 2008 £21,225 PAID OFF
    *DEBT FREE 28th September 2015*


  • Burlesque Babe
    Thanks natsplatnat.

    Not sure I can get into SOA bit from work but this is general idea of monthly expenditure:

    Current Account Fee.....£14.00 cancel and change to a normal current account, you've said you got cheaper AA cover, but there are plenty of deals where it is still less and it's over £160 a year in account fees
    TV Licence..................£11.95
    Childcare.....................£1,150.00 per month? :confused: Must have missed the explanation of this
    House C&B Insurance.....£14.00
    O/D Charges.................£38.00 every month ? Cancel all as advised and this won't happen anymore
    Currys.........................£7.99 cancel
    Currys.........................£2.99 cancel
    Currys.........................£2.49 cancel
    Currys.........................£6.99 cancel
    Solicitors.....................£150.00 what is this for? any chance it can be stretched out further? It is incurring any interest?
    Loan 1........................£297.21 (fixed for 25 years APR?)
    Loan 2........................£221.43 what is the APR on this?
    BT..............................£10.00
    Gas.............................£39.00 high
    Electric........................£31.00 again, high
    Mortgage.....................£639.40 are you tied in currently?
    Council Tax..................£110.00
    Gym Membership...........£37.75 (tied in to Dec 09)
    Capital One..................£50.00 (£923.95 remaining)
    Vanquis.......................£52.00 (£1107.58 remaining)
    Sky.............................£68.41 (will be reducing package ASAP) change to freeview if possible, £68 is a huge amount
    Water..........................£36.48 (not on meter and can't change)
    Mobile Phone.................£75.00 (2 phones) ouch.....if out of contract, switch to PAYG and only use in emergencies
    Life Insurance................£34.72 can you get cheaper?
    Fuel.............................£260.00 (this will reduce when finish work)
    Food............................£no idea, buy things almost every day! Spending diary is your best friend
    Clothes.........................£also no idea but don't need anything so will stop Buy nothing except undies for 6 months
    Smoking........................£180.00 (Should give up but haven't so including) If you aren't ready to give up, switch to rolling your own to save

    Generally I just spend whatever money I have on whatever I fancy that day, to give an idea I cleared both credit cards in November 08 and they are both now maxed again so basically just have no control on spending.

    Piece of advice to myself - STOP SPENDING SO MUCH MONEY!
    Originally posted by Lindseyf584
    hi - my thoughts above lots you can trim/cut . Can you do a full SOA which includes your salary etc?
    "Stay Wonky"

    Become Mrs Pepe 9 October 2012
  • Dex
    Lindsey,

    I hope I don't get shot down for this but as you have said you wont give up smoking until you are ready. Have you thought about smoking rollups? I know, I know but I do and it only costs me £4 p/week which is £16 p/month a lot less than £180... just though it was worth a thought if your not ready to give up.
    1 debt vs 100 days part 6-11total paid £8,135.86 Final Debt 6,948.61 £3,174.94
    • ragstoricheswannabe
    • By ragstoricheswannabe 30th Jan 09, 3:57 PM
    • 2,080 Posts
    • 2,745 Thanks
    ragstoricheswannabe
    Hiya, didnt want to read and run.

    not much to add just make sure you are getting all the benifits and tax credits you are entitled too, you should at least get more tax crredits to help pay your huge childcare bill!! (i will pay £800ish a month and will be getting about £98 a week to help and me and my fella are classed as a good joint income) you dont say if you have a partner so this next bit may not be of any use but think if your single you can get some money off your council tax????

    Good luck with your journey, it can be done, i was very much like you a year or two ago and have managed to change my way of thinking.
    love rags
    xxxxxxxx
    Debt Jan '13: £26,336.43
    Debt Nov '15: £13,780.17
    Debt free Fund: £100
    I Will Be Debt Free........I WILL!!!!!!!!!
    • Idiophreak
    • By Idiophreak 30th Jan 09, 4:02 PM
    • 11,636 Posts
    • 15,175 Thanks
    Idiophreak
    £800 from OH
    Originally posted by Lindseyf584

    Hate to say it, but have you investigated if you'd be better off with the OH staying at home?

    On the face of it, paying 1100 childcare so that you can go out and earn 800 doesn't seem like great maths
    • ragstoricheswannabe
    • By ragstoricheswannabe 30th Jan 09, 4:13 PM
    • 2,080 Posts
    • 2,745 Thanks
    ragstoricheswannabe
    sorry, think i was writing my post as everyone else was writing theres!!!!
    Debt Jan '13: £26,336.43
    Debt Nov '15: £13,780.17
    Debt free Fund: £100
    I Will Be Debt Free........I WILL!!!!!!!!!
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